News / Africa

Mugabe's Party Vows 'Unique Wealth Transfer' in Zimbabwe

 A Zimbabwe Stock Exchange official walks past an electronic display screen showing an 11-percent drop at the close of trading, Harare, Aug. 5, 2013.
A Zimbabwe Stock Exchange official walks past an electronic display screen showing an 11-percent drop at the close of trading, Harare, Aug. 5, 2013.
VOA News
Zimbabwe's ruling party says it will carry out plans to give local blacks control of foreign-owned companies, despite concern from investors.

ZANU-PF announced its plans in Zimbabwean newspaper ads on Tuesday, following its landslide victory in last week's presidential and parliamentary elections.  

The full-page ads said that in the next five years, Zimbabwe will witness what the party called "a unique wealth transfer model that will see ordinary people take charge of the economy."

Shares on Zimbabwe's stock exchange dropped another 2 percent on Tuesday, after an 11 percent drop on Monday, as investors feared losing their assets.

Local observers have alleged fraud in the elections, and opposition party MDC says it challenges the results in court. The African Union and Southern African Development Community, however, have endorsed the polls.

Among Zimbabwe's neighbors, only Botswana has expressed doubt, calling for regional bloc SADC to audit the election tallies.

Speaking to VOA's Studio 7 Zimbabwe program on Tuesday, ZANU-PF spokesman Rugare Gumbo was dismissive of Botswana's concern.

"We can't go by individual countries' assessment," he said. "We go by what SADC says, what does the AU say."

Gumbo said ZANU-PF was "vindicated" by the election results, which gave Mugabe a new term and allowed ZANU-PF to take a two-thirds majority in parliament.

Western nations have expressed concern about election irregularities, with Australia calling for a re-run of the vote.

The vote brought an end to a four-year power-sharing government between ZANU-PF and MDC. The economy had rebounded during that time, after years of shortages and hyperinflation largely blamed on Mugabe's economic policies.

You May Like

At Khmer Rouge Court, Long-Awaited Verdict Approaches

First phase of trial, which is coming to an end, has focused on forced exodus of Phnom Penh in 1975 - and now many are hopeful justice will be served More

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities More

Video Information War Rages Alongside Real One in Ukraine

Downing of Malaysian airliner, allegations of cross-border shelling move information war in war-torn country to a new level More

This forum has been closed.
Comment Sorting
Comments
     
by: Anonymous
August 06, 2013 4:19 PM
Another round of chronic poverty on the way.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Information War Rages Alongside Real One in Ukrainei
X
Al Pessin
July 31, 2014 8:13 PM
The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.

AppleAndroid